Dampier Gold announced earlier this week they would be cutting costs by making the company CEO redundant.
The new management team of Dampier Gold, appointed by a majority of shareholders on May 8, have reviewed future requirements for the company and issued present CEO Richard Hay with notice of his redundancy.
In a statement to the ASX Dampier Gold said that it had farmed out the Plutonic Gold Project, enabling reduction of administration and corporate overheads.
The directors thanked Hay for his services to the company.
Chairman Malcom Carson said the company would direct funds from these cost cutting measures towards reviewing investment opportunities, several of which are currently being evaluated.